TEG to miss market forecasts due to IVC delay

Organic waste management specialist TEG Group has announced it will not meet current market forecasts for the year to 31 December 2010 due to a construction delay of an in-vessel composting (IVC) plant.

The IVC, which is the fourth one to be built at the Greater Manchester site, did not received the anticipated Instruction to Proceed (ITP) before the end of 2010, when it had been scheduled. Site investigations for the ITP could not take place at the end of 2010 due, in part, to the severe weather.

In a statement on the London Stock Exchange, TEG said site investigation works and the issue of the ITP are expected in early 2011.

It added: “The fourth composting site is an integral part of TEG’s contract with Costain and planning permission for the facility is in place.”

TEG will issue a pre-close year end trading update January 2011 once the 2010 trading year has been completed.

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